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Boohoo shares hit by profit warning Boohoo shares hit by profit warning
(about 5 hours later)
(Noon): Shares in online fashion retailer Boohoo dived more than 40% after it issued a profit warning. (Close): Shares in online fashion retailer Boohoo dived more than 40% after it issued a profit warning.
Boohoo sank more than 40% after it said full-year earnings were set to be "below current market expectations" after it was hit by fierce price competition from High Street rivals.Boohoo sank more than 40% after it said full-year earnings were set to be "below current market expectations" after it was hit by fierce price competition from High Street rivals.
However, the FTSE 100 index was up 66.11 points, or 1%, at 6,432.62. However, the FTSE 100 index closed up 53.32 points, or 0.84%, at 6,419.83.
The index was lifted by energy shares, as oil prices rebounded slightly from fresh lows seen earlier in the day. Oil prices rebounded slightly from fresh lows seen earlier in the day, but energy stocks closed mixed.
The price of Brent crude had dipped below $50 a barrel for the first time since May 2009, hitting $49.66. It then recovered to stand at $50.72 a barrel. Shares in Tullow Oil rose 3.3% and BP was 1.2% higher. The price of Brent crude had dipped below $50 a barrel for the first time since May 2009, hitting $49.66. It then recovered to stand at $51.20 a barrel. Shares in Tullow Oil fell 0.1%, but BP was 0.7% higher.
Sainsbury's had given the market a boost earlier on, with its shares jumping by more than 3% after it said like-for-like sales fell 1.7% over the Christmas period, which was not as bad as analysts' forecasts.Sainsbury's had given the market a boost earlier on, with its shares jumping by more than 3% after it said like-for-like sales fell 1.7% over the Christmas period, which was not as bad as analysts' forecasts.
However, the shares quickly lost ground as worries about price competition returned, and by lunchtime Sainsbury's shares were down 1.1% at 231.90p. However, the shares quickly lost ground as worries about price competition returned, and by the end of the day, Sainsbury's shares were down 2.1% at 229.60p.
Shares in Majestic Wine dived 12.9% despite it reporting a 1.1% rise in like-for-like sales over the Christmas period. Investors were rattled by Majestic saying that it expected the "competitive pricing environment" seen over the festive period to continue "throughout much of 2015". Shares in Majestic Wine dived 16.9%, despite its reporting a 1.1% rise in like-for-like sales over the Christmas period. Investors were rattled by Majestic saying that it expected the "competitive pricing environment" seen over the festive period to continue "throughout much of 2015".
On the currency markets, the pound fell 0.17% against the dollar to $1.5125, but rose 0.33% against the euro to €1.2786. On the currency markets, the pound fell 0.53% against the dollar to $1.5072, but was steady against the euro at €1.2749.